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Technology Prizes for Climate Change Mitigation

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  • Newell, Richard

    ()
    (Resources for the Future)

  • Wilson, Nathan

Abstract

We analyze whether technology inducement prizes could be a useful complement to standard research grants and contracts in developing climate change mitigation technologies. We find that there are important conceptual advantages to using inducement prizes in certain circumstances. These conceptual inferences are borne out by an examination of the track record of prizes inducing research into public goods, including relevant energy technologies. However, we also find that the prizes’ successes are contingent on their proper design. We analyze how several important design elements could influence the effectiveness of a climate technology prize.

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Bibliographic Info

Paper provided by Resources For the Future in its series Discussion Papers with number dp-05-33.

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Date of creation: 28 Jun 2005
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Handle: RePEc:rff:dpaper:dp-05-33

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Keywords: inducement prize; research and development; climate change; technology; policy;

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References

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  1. Yeon-Koo Che & Ian Gale, 2000. "Optimal Design of Research Contests," Econometric Society World Congress 2000 Contributed Papers 1784, Econometric Society.
  2. Steven Shavell & Tanguy van Ypersele, 1999. "Rewards versus Intellectual Property Rights," NBER Working Papers 6956, National Bureau of Economic Research, Inc.
  3. Michael Kremer, 2001. "Creating Markets for New Vaccines - Part II: Design Issues," NBER Chapters, in: Innovation Policy and the Economy, Volume 1, pages 73-118 National Bureau of Economic Research, Inc.
  4. Stavins, Robert & Jaffe, Adam & Newell, Richard, 2004. "A Tale of Two Market Failures: Technology and Environmental Policy," Discussion Papers dp-04-38, Resources For the Future.
  5. Stephen M. Maurer & Suzanne Scotchmer, 2003. "Procuring Knowledge," NBER Working Papers 9903, National Bureau of Economic Research, Inc.
  6. Michael Kremer, 1998. "Patent Buyouts: A Mechanism For Encouraging Innovation," The Quarterly Journal of Economics, MIT Press, vol. 113(4), pages 1137-1167, November.
  7. Macauley, Molly & Darmstadter, Joel & Fini, John & Greenberg, Joel & Maulbetsch, John & Schaal, A. Michael & Styles, Geoffrey & Vedda, James, 2000. "Can Power from Space Compete?," Discussion Papers dp-00-16, Resources For the Future.
  8. Richard L. Fullerton & R. Preston McAfee, 1999. "Auctioning Entry into Tournaments," Journal of Political Economy, University of Chicago Press, vol. 107(3), pages 573-605, June.
  9. Moldovanu, Benny & Sela, Aner, 1999. "The Optimal Allocation of Prizes in Contests," Sonderforschungsbereich 504 Publications 99-75, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  10. Macauley, Molly & Davis, James, 2001. "An Economic Assessment of Space Solar Power as a Source of Electricity for Space-Based Activities," Discussion Papers dp-01-46, Resources For the Future.
  11. Masters, William J., 2003. "Research Prizes: A Mechanism To Reward Innovation In African Agriculture," 2003 Annual meeting, July 27-30, Montreal, Canada 22162, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  12. Taylor, Curtis R, 1995. "Digging for Golden Carrots: An Analysis of Research Tournaments," American Economic Review, American Economic Association, vol. 85(4), pages 872-90, September.
  13. Kremer, Michael R., 1998. "Patent Buyouts: A Mechanism for Encouraging Innovation," Scholarly Articles 3693705, Harvard University Department of Economics.
  14. Wright, Brian Davern, 1983. "The Economics of Invention Incentives: Patents, Prizes, and Research Contracts," American Economic Review, American Economic Association, vol. 73(4), pages 691-707, September.
  15. Michael Kremer, 1997. "Patent Buy-Outs: A Mechanism for Encouraging Innovation," NBER Working Papers 6304, National Bureau of Economic Research, Inc.
  16. Palmer, Karen & Newell, Richard & Gillingham, Kenneth, 2004. "Retrospective Examination of Demand-side Energy-efficiency Policies," Discussion Papers dp-04-19, Resources For the Future.
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Citations

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Cited by:
  1. Lehmann, Paul, 2009. "Climate Policies with Pollution Externalities and Learning Spillovers," MPRA Paper 21353, University Library of Munich, Germany.
  2. de Coninck, Heleen & Fischer, Carolyn & Newell, Richard G. & Ueno, Takahiro, 2008. "International technology-oriented agreements to address climate change," Energy Policy, Elsevier, vol. 36(1), pages 335-356, January.
  3. Murray, Fiona & Stern, Scott & Campbell, Georgina & MacCormack, Alan, 2012. "Grand Innovation Prizes: A theoretical, normative, and empirical evaluation," Research Policy, Elsevier, vol. 41(10), pages 1779-1792.
  4. Masters, William A. & Delbecq, Benoit, 2008. "Accelerating innovation with prize rewards: History and typology of technology prizes and a new contest design for innovation in African agriculture," IFPRI discussion papers 835, International Food Policy Research Institute (IFPRI).
  5. David Pérez-Castrillo & David Wettstein, 2012. "Innovation Contests," Working Papers 654, Barcelona Graduate School of Economics.
  6. Rob Aalbers & Victoria Shestalova & Viktoria Kocsis, 2012. "Innovation policy for directing technical change in the power sector," CPB Discussion Paper 223, CPB Netherlands Bureau for Economic Policy Analysis.

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